| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
109 |
| Accounts receivable |
191 |
| Prepaid expenses |
125 |
| Real estate tax escrow: self-controlled |
1,220 |
| Total Current Assets |
1,645 |
| Reserve Fund: (Note 4) |
2,670 |
| Total Current Assets and Reserve Fund |
4,315 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
2,828 |
| Building |
30,063 |
| Building improvements |
10,453 |
| Total |
43,344 |
| Less: Accumulated depreciation |
29,181 |
| Net Property and Improvements |
14,163 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
82 |
| Deferred mortgage closing costs (Note 5) |
60 |
| Total Other Assets and Deferred Charges |
142 |
| Total Assets |
18,620 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
47 |
| Accounts payable |
214 |
| Due to stockholders - real estate tax abatements |
520 |
| Advance maintenance |
60 |
| Wages and payroll taxes payable |
39 |
| Accrued real estate tax |
16 |
| Total Current Liabilities |
895 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
11,063 |
| Security deposits payable (contra) |
82 |
| Total Long-Term and Other Liabilities |
11,145 |
| Total Liabilities |
12,040 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
476 |
| Paid-in capital in excess of par value |
28,207 |
| Additional paid-in capital |
1,804 |
| Accumulated deficit |
(23,907) |
| Total Stockholders' Equity |
6,580 |
| Total Liabilities and Stockholders' Equity |
18,620 |